Anil Ambani’s R-Com stock loses 48%, 1550 crores drown investors’ wealth
Anil Ambani Reliance Communications (R-Com), which is led by Anil Ambani, shares a huge fall on Monday. The company’s stock fell by almost 48 percent to Rs 6 a share in the business. The stock closed at a price of Rs 11.60 on Friday. The company’s market cap also declined to Rs 1668 crore below 2000 crores as the stock reached Rs 6 a quintal. That is, in one stroke, investors also drowned around Rs 1,500 crore.
Why fall in stock
Actually, failed to repay the loan, the company is going to the NCLT for a debt resolution. The company has decided to file a bankruptcy petition. The company has a debt of about 45 thousand crore rupees. Following this, investors’ sentiment has worsened on Monday about Anil Dhirubhai Ambani Group (ADAG) companies.
What did the company say
Insolvency and Bankruptcy Code (IBC) has been appealed to be bankrupt by the company’s board. For this, he will call for a fast track resolution through NCLT. RCOM said on Friday that he will soon find solutions to this situation through the provisions of NCLT. The company says that the lenders have not received any funds from Asset Monetization Plan and there is no progress in its entire debt settlement process.
Thing not made with live
RCom’s plan to sell spectrum to Mukesh Ambani-owned Reliance Industries Group’s Reliance Jio has not been discussed. At the same time, Sweden’s telecommunications company Ericsson has filed a petition before NCLT to declare RCom as bankrupt. RCom said that in the last 12 months, the decision has to be taken by 45 due to lack of consensus among the meetings held on all important issues with the lenders.
ADAG companies fall
Reliance Capital 10%
Reliance Power 9.68%
Reliance Nawals & Engineering 9.39%
Reliance Home 8.83%
Reliance Infra 6.41%
Reliance Nippon 1.58%